It's true, tax time can be stressful but with a little planning and some help from modern day tech, you can become the tax masters champion. Check out the 5 easy tips below to make tax time less of a 'taxing' time:
1. Get your paperwork in order
Channel your inner perfectionist. Odds are you’re not going to refer to a receipt again once you’ve entered it into your spreadsheet, bookkeeping software or app but filing your receipts correctly will make answering all the tricky questions your tax agent throws at you a breeze.
Search your favourite app store for a handy app to keep track of your expenses and receipts. Not sure which one is the best? Remember: Google is your friend.
2. There's an app for that!
Speaking of apps…have you checked out the ATO's app, myDeductions? Whether you lodge your own return or use a tax agent, myDeductions can help you keep your tax records organised. It’s a fast, easy way to capture information on-the-go and makes tax time quicker by uploading your deductions to your tax return. You can also email your records to your tax agent. Bonus!
3. Easily get your interest info
Yes, tax time can be stressful but we’d like to think we can help you minimise some of the pressures by making it super simple for you to get the crucial info you need to help you complete your return.
You can get your Bank of us interest earned details easily through Internet Banking or our SmartBanking App. Your interest is ready for you to record, instantly.
4. Understand what you can claim
It’s a good idea to talk to a tax agent - someone who specialises in tax - so you have a good idea of what deductibles you can claim. That way you can be sure to only keep the receipts that you really need and not keep hold of excess papers. Tax time is a great time to think about your budget and expenses too. If you know what comes in and goes out each month, you’ll be much more motivated to save more!
5. Talk to your tax agent
A tax agent can advise you about what tax concessions you may be able to take advantage of to reduce that profit or to ‘use’ up that capital gain to reduce your income tax. The key is to contact them early enough so you can act upon the advice they give you, should you choose to do so.
And one more thing for good measure... be on the lookout for tax scams over the next few months. Be wary of calls, texts and emails giving you the "good news" about a tax refund or that threaten to arrest you over unpaid tax debts. If you think the claim may be legitimate, always call the tax office directly and never use the number or links provided within the message. Check out our blog 'Be 'Scam Alert' at tax time!' for more info on staying safe at tax time.
The small, small print: Please note this information is general in nature and does not take into account your personal circumstances or objectives. You should consider this before acting on any of the information contained.